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The Boston Globe

Metro

NStar, Northeast Utilities deal would aid consumers, Cape Wind

NStar, Northeast accept Mass. terms for OK of merger; Final approval could assure financing of offshore project

Massachusetts officials yesterday announced a breakthrough in a nearly yearlong negotiation with NStar and Northeast Utilities, agreeing to let the two utilities merge in exchange for cutting more than $200 million from consumers’ bills and providing critical backing for the offshore Cape Wind project.

Under terms of the deal, the newly combined company agreed to freeze electric and gas delivery charges for its Massachusetts customers for four years, saving those ratepayers an estimated $196 million, state officials said, and providing customers with a one-time rebate of $21 million - about $12 to $15 for the average ratepayer.

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